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Rs 47:356 Business Of Lending Or Of Dealing Of Notes Secured By Chattel Mortgages Or Other Liens

§356. Business of lending or of dealing of notes secured by chattel mortgages or other liens

A. For every person, firm, corporation, or association of persons engaged in the business of purchasing, selling, trading in, or lending on unsecured notes or on notes secured by chattel mortgages, or other statutory liens, being commonly known as finance or securities companies, a license based on the amount of loans made by the business shall be required. The license shall be based on the amount of loans made by the business and the amount of said license shall be as shown in the following table:

The Annual

If the Amount of Loans Made is:

License Shall

As Much As

But Less Than

Be:

$

0

$

250,000

$

50

250,000

500,000

100

500,000

750,000

150

750,000

1,000,000

200

1,000,000

1,250,000

250

1,250,000

1,500,000

300

1,500,000

1,750,000

350

1,750,000

2,000,000

400

2,000,000

2,250,000

450

2,250,000

2,500,000

500

2,500,000

3,000,000

550

3,000,000

3,500,000

600

3,500,000

4,000,000

650

4,000,000

4,500,000

700

4,500,000

5,000,000

750

5,000,000

5,500,000

800

5,500,000

6,000,000

850

6,000,000

6,500,000

900

6,500,000

7,000,000

950

7,000,000

7,500,000

1,000

7,500,000

8,000,000

1,050

8,000,000

8,500,000

1,100

8,500,000

9,000,000

1,150

9,000,000

9,500,000

1,200

9,500,000

10,000,000

1,250

10,000,000

11,000,000

1,350

11,000,000

12,000,000

1,450

12,000,000

13,000,000

1,550

13,000,000

14,000,000

1,650

14,000,000

15,000,000

1,750

15,000,000

16,000,000

1,850

16,000,000

17,000,000

1,950

17,000,000

18,000,000

2,050

18,000,000

19,000,000

2,150

19,000,000

20,000,000

2,250

20,000,000

25,000,000

2,500

25,000,000

30,000,000

3,000

30,000,000

35,000,000

3,500

35,000,000

..........

3,700

B. The "amount of loans made", for the purposes of this Section, shall mean the total of all amounts of funds or goods advanced to borrowers and the amounts paid for notes or other similar evidences of indebtedness purchased or otherwise acquired from others.

C. In the case of a new business, the basis for the first year's license shall be provided for in R.S. 47:344 and R.S. 47:348 of this Chapter, except that the "amount of the loans made" shall be substituted for "gross revenue".

Acts 1986, No. 1017, §1, eff. Jan. 1, 1987.

{{NOTE: SEE ACTS 1986, NO. 1017, §3, AND ACTS 1986, 1ST EX. SESS., NO. 18, §1.}}

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Local Government
Louisiana
3
8
0
John Bel Edwards
John Bel Edwards
January 11, 2016 -
Democratic
1-225-342-4404
900 North 3rd Street, Baton Rouge, LA, 70802

Keywords
000
business
lending
secured
chattel
mortgages
loans
liens
license
dealing